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Author: Gino Matos, Source: CryptoSlate, Compiled by: Shaw Bitchain Vision
Bitcoin and cryptocurrencies seem to be about to be accepted by mainstream sources, with U.S. spot exchange-traded funds (ETFs) hitting new highs, Goldman Sachs holds more cryptocurrency ETFs issued by BlackRock than any other institution, and corporate finance departments from Strategy to Bitmine are embracing digital assets.
However, a recent survey by Bank of America shows that three-quarters of global fund managers remain firmly refusing to get involved in digital assets.
Max Gokhman, deputy chief investment officer at Franklin Templeton, said the seemingly contradictory data did not stem from regulatory uncertainty or operational complexity, as these barriers have been largely resolved.
In an interview, Gockman said the imbalanced data stems from fear, misunderstandings and the industry’s difficulty giving up its ingrained belief in legal investment.
Gockman has been paying attention to how traditional finance deals with the digital asset revolution for many years.He pointed out:
“The biggest reason is that it often takes a while for a mature industry to realize that it is behind. This fear of the unknown has always existed.”
Management Paradox
Fund managers take pride in fulfilling their fiduciary responsibilities, but this awareness of protection creates a paradox: the desire to protect clients’ assets so that they cannot access the investment opportunities their clients are increasingly eager for.
According to Gohman:
“One aspect of doing a good job of asset management is understanding the needs of customers. From individual clients to institutional clients, they are more interested in digital assets, but they find that their investment managers are not actually providing relevant solutions.”
This resistance stems from some deeply rooted misunderstandings.One view is that this is totally over-speculative and worthless; the other view is that there is a lack of professional knowledge to use digital assets to create legitimate investment solutions.
Meme Coin Trap
When Gockman meets skeptical colleagues, the conversation always follows a predictable pattern.Veterans in traditional finance will regard Meme as a representative of the entire cryptocurrency ecosystem, which exposes what he calls a superficial understanding.
Just as the stock market covers everything from blue-chip dividends to speculative biotech stocks, digital assets also range from mature protocols that generate real returns to pure speculative tokens.
His reaction has become very natural:
“Because you invest in stocks, does it mean you only buy low-priced stocks that are traded in the pink-select market? There are many companies in high-yield bonds that most rational investors won’t touch. Most asset managers will tell you that they hold emerging market stocks and bad debts. This is a key asset class for them.”
Gohman stressed that this suspicion was selective.Fund managers feel assured of a financial instrument that has repeatedly defaulted, such as Venezuelan bonds, but are discouraged by Bitcoin, which has never lost its promise in 15 years.
While fund managers are still arguing about the legitimacy of cryptocurrencies, the market has quietly changed.The data cited by Gockman exposes retail-led arguments: 89% of Bitcoin transactions conducted on exchanges have exceeded $100,000.He stressed:
“That’s not retail capital. The market is becoming more and more institutionalized.”
Educational Challenges
Franklin Templeton’s response includes three-level publicity campaigns targeting central bank officials, institutional intermediaries and retail investors.The crucial middle layer consists of large brokerage firms and platform owners who control millions of customer channels but have no idea about customer needs.
Gockman asked these players if they had asked their customers if they wanted cryptocurrency.He added:
“They probably have an account on Coinbase, and they’re putting most of their wealth there. And you don’t know that at all.”
Traditional consultants often find that clients’ wealth is spread across multiple platforms, and the portfolio managed by professionals does not contain digital assets accumulated by clients at all.
Franklin Templeton’s breakthrough lies in his interpretation: using traditional financial language to express the concept of blockchain.Instead of citing revolutionary rhetoric in analyzing Solana, they calculated discounted cash flow.
Gohman explained:
“If we were to actually pay for each transaction like Solana, we could predict how these transactions would grow. That’s the future cash flow. We could discount it to the present.”
This approach uncovers the mystery of digital assets by applying a familiar analytical framework that any investor trained in basic valuation can understand.
It all comes down to profits
As the Fed rate cut approaches, Gockman sees an opportunity.With traditional sources of income falling returns, while institutions are facing increasing pressure to generate revenue, cryptocurrencies can provide an alternative.
According to what he said:
“Everyone needs income. Pledge is a clear way to get income. When someone tells me that it’s worried that all this (cryptocurrency) is a scam, have you ever wondered if the government will directly cancel all debts? Because I’ve been through this.”
Recent guidelines on liquidity staking in the U.S. Securities and Exchange Commission (SEC) may be a turning point.This is the first time that regulated products can provide pledge proceeds without having to hold cryptocurrencies directly.
Gockman predicts that this resistance will not continue indefinitely if cryptocurrency ETFs that support staking are approved.He predicted:
“When we can give the benefits, I think that will drive more adoption.”
This shift may accelerate suddenly.Institutions adopt a pattern that there is a constant skepticism before competitive pressures force large-scale actions.
The huge cryptocurrency divide remains between 75% of fund managers sticking to traditional frameworks and growing alliances that recognize that customer service needs to embrace technological change.
The question is not whether this gap will narrow, because economic pressure will eventually prompt all parties to accept it.The question is which managers will lead the trend and which will rush to catch up.
